Rightmove releases 2018 finances, revenue and profits are up

UK-based property portal, Rightmove, has recently released its 2018 financial report to its shareholders. The report showcases the financial prowess that the company has been enjoying within the UK property industry. 

The average revenue per advertiser - that’s ARPA, the critical measure for portals - has risen £83 in the past year to £1,005.

Revenue is up 10 percent year on year with growth; underlying operating profit is up 10 percent and operating profit up 11 percent.

It says it’s seen continued traffic growth with visits up over four per cent averaging nearly 132 million visits per month, and the time on site up five percent at over a billion minutes per month.

The portal has enjoyed what it calls "stable membership” - in fact its agency and new homes customer numbers are up slightly to 20,454 - while it boasts that “virtually the whole of the property market in one place with one million UK residential properties advertised on Rightmove, which is more than any other UK portal.”

And the company insists there’s more growth to come despite economic uncertainty for agents and the apparent threat of rival portals.

Rightmove told its shareholders: “We believe the UK online property advertising market will continue to grow, despite the continuing uncertainties stemming from the result of the EU referendum. Consumers and customers are becoming increasingly digital and customer spend continues to transition online from traditional advertising channels as they take advantage of the efficiencies we bring.

“Our clear market leadership coupled with the value of our digital solutions and our unrivaled data positions us well for the future. We remain vigilant to the macro environment, but Rightmove is not materially impacted by the property market cycle except in the most extreme circumstances. With ARPA continuing to grow and our commitment to further innovation, the Board remains confident of making further progress in 2019.”

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